Crude oil prices will reach USD 125 in a matter of days, a Kuwaiti oil expert anticipated Monday, and said Israel’s threat to attack Iran would easily push oil prices to USD 135.
Abdulhameed Al-Awadhi said geopolitical conditions were the prime factor that controlled oil prices at the mean time specially in the Arabian Gulf region, which exports around 17 million barrels per day (bpd).
Speaking to KUNA, Al-Awadhi debt crisis in Europe, despite its importance, was not the major driving force behind the oil prices as it was in the past.
“The Israeli threats to hit Iran will keep the oil prices high, whereas the execution of this strike and the Iranian reactions will make oil prices easily exceed the reasonable limits and increase by around 20 dollars per barrel,” said Al-Awadhi.
“The calm of the Gulf region will bring down the prices,” he said.
The Iranian naval maneuvers and deployment of US warships in the Arabian Gulf waters are feuling tension and increase oil prices, he added.